CoinShares International Limited, a European investment company specialising in digital assets, has today published its results for the quarter ending June 30, 2024.
Principal Investments generated a loss of £24.8 million (Q2 2023: £0.2 million loss) in the second quarter of 2024. The loss was predominantly driven by the election to fully impair the Group’s holding in FlowBank.
On 13 June 2024, the Company received information stating that the Swiss Financial Market Supervisory Authority (FINMA) had opened bankruptcy proceedings against FlowBank SA (which sits a part of the Group’s Principal Investments) with effect from 13 June 2024 at 8:00am. On 22 June 2024 the Company made the election to fully impair its investment in FlowBank, effective immediately. This resulted in an impairment charge of £21,813,042. The company also clarified within the announcement made that there was no impact on the Group’s operations, products or clients as a result of this impairment.
On the brighter side, at the end of June 24 the Group announced the successful completion of the sale of its FTX claim, achieving a recovery rate of 116% net of broker fees, translating to a return of £28.7 million.
Revenue for Q2 2024 amounted to £22.5 million (Q2 2023: £10.7 million).
Gains and other income for Q2 2024 were £15.2 million (Q2 2023: £8.2 million).
Total comprehensive income for Q2 2024 reached £25.8 million (Q2 2023: £5.3 million).
Adjusted EBITDA for Q2 2024 were £26.6 million (Q2 2023: £11.4 million).
